IDEAS home Printed from
   My bibliography  Save this article

A Face-Validity Test of Response Strategies to ‘Dread Risks'


  • Rachel Baker
  • Susan Chilton
  • Michael Jones-Lee
  • Hugh Metcalf


This paper reports the results of the follow-up, face-validity test on a protocol developed to explore the impact of context and baseline risk on peoples’ marginal rates of substitution between wealth and risk of death across a range of contexts using a modified risk-risk trade-off methodology. Analysis of these qualitative interviews revealed that context had different effects for different people. For some people it had almost no effect in that such respondents focussed mainly on the baseline risks they faced, whilst for others it had a marked affect on their risk-risk tradeoff. Most notably, only a minority of respondents described a behavioural strategy that could be construed as EU maximising. This has wider and extremely profound implications for the use of risk-risk trade-off measures and WTP-derived Value of Prevented Fatalities in costbenefit analysis.

Suggested Citation

  • Rachel Baker & Susan Chilton & Michael Jones-Lee & Hugh Metcalf, 2007. "A Face-Validity Test of Response Strategies to ‘Dread Risks'," Revue d'économie politique, Dalloz, vol. 117(5), pages 781-794.
  • Handle: RePEc:cai:repdal:redp_175_0781

    Download full text from publisher

    File URL:
    Download Restriction: free

    File URL:
    Download Restriction: free


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:repdal:redp_175_0781. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.